So this morning I was trying to merge onto a shity Texas highway, get on the on ramp and gun it, newbie mistake, was so focused on my mirrors trying to make sure I wasn't about to get smashed by another car that I redlined the shit out my 2005 WRX. Now it sounds like straight garbage and my BOV and Turbo are not working. It seems like the turbo is trying to spool but appears there's a leak some where? I looked under the hood and everything seems to be ok and intact. I'm extremely new to Subaru's so I'm very unsure what the is the could be. Any help is greatly appreciated!

Yikes! That doesn't sound fun. I'm fairly new to subies too, and I'm sure someone will correct me if I'm wrong. If you're hearing a hissing sound, or it sounds like a leak somewhere is check the hoses that connect to your intercooler or turbo. Hopefully you just popped a hose off. Also if you have a full 100% vent to atmosphere BOV, you may want to change it to a recirculating one.
Just my $.02

Easiest route is have a boost leak test done at a shop, 20-40 bucks and you know exactly where the leak is, if I had to guess though, I'd guess around the intercooler and throttle body, it seems to be a common place for the couplers to slip. You can always get under the hood and look around for split hoses and loose fittings. If it was your turbo you would know it.

Ok ya I'm going to get in there and check all my hoses and everything and worst case get the boost leak done. Bad timing for this though, being that I'm in the military really didn't want to spend money I didn't have to being that my next pay check isn't guaranteed.

How can I be sure im not burning oil? Just check the level? I didn't see anything smoking.

Leo I'm active Army and use USAA so hopefully they will do the same.
Definitely no blue smoke.
Pretty sure I've figured it out. One of the bolts on the turbo is loose as shit! Like once revved up that bolt just jiggles and turns like it serves no purpose. I checked all the pipes and hoses and everything seems ok with that. Does that sound like it could be the problem? If so would I probably have to replace the gasket as well or just tighten it back up?

In the attached picture it is the bolt right below the grimmspeed wastegate

That is a grimmspeed wastegate bracket in the pic. The bolt under it is from turbo to downpipe which if leaking would cause a exhaust leak not boost leak. Probably still should be addressed though. you say its not building boost and sounds like garbage which leads me to suspect your external wastegate is stuck open.

Easiest way to check this would be as follows. Start with a cool engine/exhaust so you don't burn yourself. Start the engine and feel the exit of the dumptube for exhaust flowing out of it at idle. After the exhaust and engine have warmed up see if the dumptube is hot to touch but don't burn yourself. At idle there should be no exhaust flowing out of this and it should be considerably cooler than the rest of the exhaust. The dumptube is that silver flexible looking pipe to the right of the turbo in the picture. Another way to check would be to actually take the wastegate apart and make sure the spring isn't broken or hung up.

That's a IWG block off plate. It should be holding the IWG closed. The EWG is on the UP or at least it should be. Lol. But, seriously though. You're looking for a pre-exhaust leak. The cold side of the turbo. Is that a stock turbo? Stock inlet? What are your mods besides the EWG?